Copper Discovery Expands Group Eleven’s High-Grade Zinc Project Into a Multi-Metal Opportunity

• Group Eleven Resources has made one of Ireland's largest zinc discoveries in the past decade, featuring high-grade zinc-lead with significant silver content and newly identified copper mineralization extending 2.6 km along a 6 km trend.
• The company is supported by top shareholders Glencore and Michael Gentille, with the Irish government actively investing through its Irish Mining Fund (IMF) alongside private investors.
• Recent drilling intercepted 6 meters of nearly 1,000 g/t silver and nearly 4% copper, expanding the project beyond zinc into the highly sought-after copper market.
• With CAD $8.4 million raised, the company has secured funding for over 25,000 meters of drilling over the next 18 months, operating three rigs year-round with plans to expand to four.
• The Ballywire project benefits from Ireland's reputation for high-grade, clean zinc concentrates, low drilling costs (C$150/meter), year-round accessibility, and proximity to existing infrastructure including Glencore's nearby deposits.

Group Eleven Resources, led by CEO Bart Jaworski, is advancing what it describes as one of the largest zinc discoveries in Ireland over the past decade. Speaking during a European roadshow in London, Jaworski outlined the company's progress on its Ballywire  project, which has evolved from a high-grade zinc-lead-silver discovery into a multi-metal opportunity with significant copper potential. With backing from major industry players including Glencore and mining entrepreneur Michael Gentille, the company is positioning itself to capitalise on growing demand for both base metals and copper in particular.

The Discovery: High-Grade Multi-Metal Mineralization

The Ballywire project currently boasts a 2.6 km strike length of "pierced economic or pierced high-grade robust zones of mineralization," according to Jaworski. The deposit features zinc-lead mineralization with consistently high silver grades and emerging copper potential toward the northeastern edge of the discovery zone. What distinguishes this project is the grade quality. Jaworski emphasised that 

"The typical hit for us is 10 meters of 10% [zinc and lead] with about 100 grams of silver." 

This compares favourably to the global average for zinc-lead mines, which has declined to approximately 6% zinc and lead over the past two decades as ore grades have deteriorated worldwide. Ireland's reputation for high-grade, clean zinc deposits stems from their mineralogy, primarily sphalerite with minimal pyrite which produces "beautiful concentrates which the majors are very fond of," Jaworski explained.

The Copper Development: Expanding the Value Proposition

A recent discovery has fundamentally altered the project's profile. On the northeastern edge of the mineralised zone, drilling encountered increasing copper and silver content, culminating in an intercept of "6 meters of nearly 1,000 grams per ton silver and nearly 4% copper." Jaworski characterised this as having "really opened up people's eyes" to Group Eleven's potential beyond zinc.

The copper discovery represents what Jaworski termed "a bit of a game changer," announced just two weeks before the London presentation. The company has proven the existence of

 “A copper silver horizon, actually several of them underneath our zinc discovery. This development is strategically significant because the market audience for copper is huge compared to that of zinc," and all the majors are looking for copper as well."

The copper mineralization is hosted within the Lower Limestone Shale unit beneath Ballywire, the same geological setting that hosts four other copper-silver prospects in the region. Two of these were historically mined, placing Ballywire in what Jaworski described as "kind of a mini copper belt."

Capital Allocation for Strategic Development

Group Eleven closed a CAD $5.75 million bought deal with Cormark Securities Inc. and Beacon Securities on July 31st, bringing total available capital to CAD $8.4 million. This funding provides for "over 25,000 meters of drilling for the next 18 months," carrying the company through 2025, all of 2026, and "well into 2027," according to Jaworski.

The drilling program follows a two-pronged approach. First, the company will test the three remaining gravity anomalies along the 6 km trend to determine their mineralization potential. Second, it will drill beneath the known zinc zones to delineate the copper-silver horizons. As Jaworski explained, 

"If we start hitting very high-grade copper silver down below then maybe that'll tip the balance more towards going after the copper."

The company currently operates three drill rigs year-round with plans to expand to four. Ireland offers significant operational advantages: drilling costs of just $150 CAD per meter, no requirement for helicopters or road building, year-round access, and daily commuting for drilling personnel without camp infrastructure. These factors provide "a lot of bang for the buck with the money that we've raised."

Interview with Bart Jaworski, CEO of Group Eleven Resources

Strategic Positioning with Multiple Development Paths

Group Eleven's longer-term strategy involves three main objectives: expanding the discovery along the 6 km trend, testing the copper potential at depth, and eventually crystallising a resource estimate through infill drilling. "Maybe that's two, three years down the line," Jaworski projected for the resource definition phase.

The Ballywire  project benefits from proximity to existing infrastructure. Glencore's Pallas Green and their own JV Stonepark deposits, located just 20 km away, contain approximately 50 million tons of mineralization. This proximity raises the possibility of eventual consolidation, as Jaworski noted: 

"We have a lot of critical mass already in the camp... within the radius of what could be developable as one."

Whether Ballywire ultimately becomes a standalone operation or a satellite to existing operations remains to be determined, but the strategic location provides multiple development pathways.

Government Support Driving Investment Climate

Ireland's commitment to its mining sector is evidenced by the establishment of the Irish Mining Fund (IMF), a EUR 30 million vehicle carved out from the Irish Strategic Investment Fund (ISIF), the country's sovereign wealth fund. The IMF has already invested in Shanoon Resources, which is restarting the Galmoy mine with expected production beginning in early 2026.

Significantly, the Irish government plans to open the IMF to private investors, creating what Jaworski described as "an ETF of sorts" that would allow investors to gain exposure to Irish mining assets collectively rather than investing in individual projects. The fund is administered by Lionhead Capital Partners, a South Africa-based mining-focused investment firm.

Market Performance Reflecting Shareholder Confidence

Since making its discovery, Group Eleven has seen its market capitalisation grow from CAD $10 million to approximately CAD $100 million over the past three years, a tenfold increase. The company's shareholder base includes Glencore, one of the world's largest mining and commodities trading companies, and Michael Gentille, a prominent mining investor and entrepreneur who organised the European roadshow.

With multiple untested targets, significant drilling planned, and the potential for additional copper discoveries, the company is positioned to generate continued news flow that could drive further value appreciation.

The Investment Thesis for Group Eleven Resources

• High-Grade Asset in Tier-1 Jurisdiction: 10% zinc-lead grades with 100 g/t silver significantly exceed the 6% global average, hosted in Ireland's mining-friendly regulatory environment
• Copper Optionality Transforms Project Economics: Recent 6m intercept of 4% copper and 1,000 g/t silver opens exposure to larger, more valuable copper market with stronger investor demand
• Significant Exploration Upside: Only one of four gravity anomalies tested along 6 km trend; 75% of prospective ground remains undrilled with funded program to systematically evaluate targets
• Strong Strategic Backing: Glencore shareholding provides technical validation and potential future development partner; Michael Gentille's backing signals conviction from successful mining entrepreneur
• Capital Efficient Operations: $150/meter drilling costs, year-round access, and no camp requirements provide exceptional cost structure; CAD $8.4 million funds 25,000+ meters through 2027
• Multiple Value Catalysts: Three operating rigs (expanding to four) generating continuous drilling results; systematic testing of copper depth extensions and strike length expansions
• Proximity to Infrastructure: Located 20 km from Glencore's 50 million-ton Pallas Green and Stonepark deposits, providing potential development synergies and de-risking project economics
• Government Investment Support: Irish Mining Fund's equity investments demonstrate sovereign support for sector; potential access to government co-investment reduces dilution risk
• Proven Management Track Record: Team delivered tenfold market cap increase from $10M to $100M CAD over three years through systematic exploration success
• Clean Concentrate Advantage: Irish-style mineralization (sphalerite-dominated with minimal pyrite) produces premium concentrates highly valued by smelters, supporting better metallurgical recoveries and terms

Macro Thematic Analysis

The global transition to electrification and renewable energy infrastructure is creating unprecedented demand for base metals, particularly copper, while zinc remains critical for galvanization in construction and infrastructure development. Ireland's re-emergence as a significant base metals province comes at an opportune time, as the industry faces a critical shortage of new, high-grade discoveries in stable jurisdictions. 

The European Union's strategic focus on critical minerals supply chain security, combined with declining global ore grades that have fallen from historical averages, makes high-grade projects in EU jurisdictions increasingly valuable. Group Eleven's evolution from a zinc-focused explorer to a multi-metal opportunity with significant copper potential positions it at the intersection of these macro trends. As Jaworski articulated,

"The market audience for copper is huge compared to that of zinc... all the majors are looking for copper as well."

TL;DR:

Group Eleven Resources has discovered one of Ireland's largest high-grade zinc deposits in a decade, featuring 10% zinc-lead grades with 100 g/t silver over a 2.6 km strike significantly above the 6% global average. A recent copper breakthrough (6m of 4% copper with 1,000 g/t silver) transforms the project into a multi-metal opportunity with exposure to the high-demand copper market. With CAD $8.4 million funding 25,000+ meters of drilling through 2027, three untested gravity anomalies remaining along a 6 km trend, and backing from Glencore and the Irish government's mining fund, the company offers substantial exploration upside in a premier mining jurisdiction with exceptionally low operating costs and year-round access.

FAQs (AI Generated)

‍